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The Churchill Corporation announces automatic share purchase plan

EDMONTON, Jan. 15 /CNW/ - The Churchill Corporation (the "Corporation" or
"Churchill") announced today that it has entered into an automatic share
purchase plan with a broker in order to facilitate repurchases of its common
shares under its previously announced normal course issuer bid. On October 9,
2008, the Corporation announced that it had received approval from the Toronto
Stock Exchange ("TSX") to make a normal course issuer bid to purchase up to
1,391,090 of its common shares, representing 10% of the public float. The
normal course issuer bid commenced on October 15, 2008 and will terminate on
October 14, 2009, or such earlier date as the Corporation may complete
repurchases under the bid.
Under the Corporation's automatic share purchase plan, the Corporation's
broker may repurchase shares under the normal course issuer bid during the
Corporation's self-imposed blackout period. The Corporation anticipates
renewing the plan from time to time during the course of its normal course
issuer bid to enable purchases of its common shares to be made during future
internal blackout periods. Purchases will be made by the Corporation's broker
based upon the parameters prescribed by the TSX and applicable Canadian
securities laws and the terms of the parties' written agreement. The automatic
share purchase plan has been approved by the TSX and will be implemented
effective as of January 16, 2009. As at the date hereof, the Corporation has
repurchased 304,900 common shares for cancellation under the Corporation's
current normal course issuer bid.
The Corporation is engaged in a normal course issuer bid because it
believes that from time to time the market price of its common shares may not
reflect their underlying value and that, at such times, the purchase of common
shares for cancellation will increase the proportionate interest of, and be
advantageous to, all remaining shareholders. Any purchases made by the
Corporation will also afford increased liquidity to those shareholders of the
Corporation who may wish to dispose of their common shares.
The Churchill Corporation provides building construction, industrial
construction and maintenance services throughout Western Canada. Churchill
common shares are listed on the TSX under the symbol "CUQ".
FORWARD LOOKING STATEMENTS
Certain statements in this Press Release may constitute "forward-looking
statements". Forward-looking statements include, without limitation,
statements regarding the future financial position, business strategy,
budgets, litigation, projected costs, capital expenditures, financial results,
taxes, plans and objectives of the Corporation. Many of these statements can
be identified by looking for words such as "believes," "expects," "may,"
"will," "intends," "anticipates," "estimates," "continues," or the negative
thereof, or other variations thereon. Although management of Churchill
believes its expectations regarding future performance of the Corporation are
based on reasonable assumptions and currently available competitive, financial
and economic data, market conditions and operating plans, it can give no
assurance its expectations will be achieved. The Corporation cautions that, by
their nature, forward-looking statements, involve risks, and uncertainties and
that its actual actions, and/or results could differ materially from those
expressed or implied in such forward-looking statements, and that the
aforementioned risks, uncertainties and actions could affect the extent to
which a particular projection materializes. The Corporation assumes no
obligation to update the forward-looking statements should circumstances or
the Corporation's management's estimates or opinions change.